Boston condos for sale: March Madness
Forget about March Madness. This has become March Gladness for Boston condo buyers.. It’s good news for Boston condo for sale buyers and Realtors. The number of active listings rose from February. While it’s not uncommon for the inventory to rise as the spring season kicks in, the increase was nice to see, and much needed.
One area that showed a big improvement is luxury homes, or those priced at $1 million or more. At this time last year, the market was saddled with almost a 10-month supply of luxury homes. Since then, the inventory for Boston Seaport condos priced over $1,000,000 has dropped to only 61 days-on-market. While this change is a big drop, those shopping for high-end homes still have a lot of choices, compared to any other price point. In fact, the luxury market has the largest segment of inventory than any other price point.
Meanwhile, Boston condos for sale, priced under $500,000 is in short supply. If you’re in this market and have been waiting for home prices to drop before you buy, reconsider that strategy, especially for Boston condos for sale under $500,000.
Conclusion
The March and first quarter statistics are showing that even with a rising inventory, prices continue to rise, a testament to strong demand in a growing economy. If you wait to buy, you are likely to be faced with higher prices and higher interest rates as the Spring market gets into full swing.
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